Amends the Hospital Licensing Act. Provides that a municipality, political subdivision, State agency, or other governmental entity that owns or operates a hospital under any law authorizing or establishing a hospital or hospital district shall, relative to the delivery of health care services, have, in addition to any authority vested by law, the authority and legal capacity concerning the specified use and investment of funds. Provides that conversion of public funds for the benefit of any individual concerning the specified use and investment of funds shall constitute grounds for review and action by the Attorney General or the applicable State's Attorney. Provides that a municipality, political subdivision, State agency, or other governmental entity exercising the powers granted for the use and investment of funds shall be subject to all applicable public purchasing requirements and the requirements of the Open Meetings Act.